Eastern Union Arranges $72 Million in Construction Financing For 117-Unit, Luxury Condo Development in Long Island City in Queens, NY

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Aug 13, 2024, 08:44 ET

NEW YORK , Aug. 13, 2024 /PRNewswire/ -- Chaim Greenfeld, a vice president with Eastern Union, has secured $72 million in construction financing toward the development of a 117-unit luxury condo in Long Island City in Queens, NY.

Eastern Union, based in New York, is one of America's largest providers of commercial mortgage brokerage and capital markets advisory services.

This is a rendering of 24-01 Queens Plaza North, soon to stand as a 19-story, 117-unit luxury condo in Long Island City in Queens, NY. Chaim Greenfeld of Eastern Union recently secured $72 million in construction financing toward development of the property.

The 19-story property, at 24-01 Queens Plaza North, will encompass 119,625 square feet in size. The project is located at Queens Plaza, directly across from the Queensboro Bridge. The architect is ODA New York. The condo will include dozens of recessed balconies and cantilevered floors, as well as 1,828 square feet of commercial space.

Naftali Credit Partners provided a mezzanine loan in the amount of $18 million to the owner of the new condo, New Empire Corporation. Naftali Credit Partners also structured and syndicated the senior position to Axos Bank for a total of $72 million in financing.

"It's always challenging to find the right lender in today's market, especially when it comes to securing construction financing for a luxury condo project like this," said Mr. Greenfeld. "In this case, it was helpful that Eastern Union had existing relationships both with the lender and the developer."

About Eastern Union

Founded in 2001, Eastern Union is a national commercial real estate firm that provides both financing services and capital markets advisory services. It employs more than 90 real estate professionals and closes billions of dollars' worth of transactions annually. Eastern Union leverages its relationships with lenders and its marketplace knowledge to secure the best available rates and terms.

Eastern Union secures financing for transactions of all sizes across the United States. Transactions, which can include multi-state and multi-site portfolios, encompass conventional commercial mortgages, structured debt, healthcare, hospitality, manufactured home properties, single-family rentals, investment sales, and -- handled in conjunction with company affiliate Eastern Equity Advisors -- equity placement.

For more information, visit www.easternunion.com.

Media contact:
Steve Vitoff
Eastern Union
516 652 0785
[email protected]

SOURCE Eastern Union